November 10, 2017 / 8:20 AM / 9 months ago

Altice shares rise after management reshuffle

PARIS (Reuters) - Shares in telecoms and cable group Altice NV (ATCA.AS) rose by 2.5 percent at the market open on Friday following a management reshuffle at the telecoms group aimed at reassuring investors following poor results in Europe.

FILE PHOTO - The logo of cable and mobile telecoms company Altice Group is seen during a news conference in Paris, France, March 21, 2017. REUTERS/Philippe Wojazer

Altice said on Thursday Chief Executive Michel Combes had resigned with founder Patrick Drahi returning as president.

Shares in the Amsterdam-based company, whose debt burden reached 49.557 billion euros (43.86 billion pounds) by the end of the third quarter, have lost around a third of their value since Altice said earlier this month that it lost about 75,000 broadband customers in France, its biggest market, in the third quarter.

Reporting by Dominique Vidalon; Editing by Leigh Thomas

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